VanEck Commits to Donating 5% of BTC ETF Profits to Bitcoin Developers at Brink
Asset manager VanEck, a potential provider of a Bitcoin exchange-traded fund (ETF), has revealed plans to donate a portion of the profits from the investment vehicle to Bitcoin core developers upon approval.
In a post on X (formerly Twitter) on January 5, VanEck announced a 5% pledge to Bitcoin core developers through the nonprofit organization Brink ahead of potential approval for its spot Bitcoin exchange-traded product application. The asset management firm also disclosed that it had already made a $10,000 donation to the developers, irrespective of the SEC’s decision on the investment vehicle.
We’re not Bitcoin tourists at VanEck. We’re in it for the long haul. That’s why we made an initial $10k donation and signed a pledge to donate 5% of our Bitcoin ETF profits (if approved) to support Bitcoin Core devs @bitcoinbrink for at least 10 years. Your tireless dedication to…
— VanEck (@vaneck_us) January 5, 2024
The firm expressed appreciation for the developers’ dedication to decentralization and innovation, describing them as the cornerstone of the Bitcoin ecosystem.
VanEck applied for a spot Bitcoin ETF in the United States, with a decision from the U.S. Securities and Exchange Commission (SEC) expected in the coming days. The potential approval of spot Bitcoin ETFs is anticipated to bring a substantial influx of investment from traditional finance (TradFi) into the cryptocurrency space, reaching unprecedented levels.
While the existing crypto community generally welcomes this development, there may be some friction in certain quarters. To address this, providers like VanEck aim to demonstrate their commitment to the core Bitcoin industry by giving back to developers and supporting the ecosystem.
As of the time of the
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